iPhone maker Apple has cut its CEO Tim Cook's salary by a whopping 15% for 2016 as annual sales declined for the year, missing targets that also led to the tech giant's first annual revenue decline in 15 years.

The company gave the 56-year-old USD 8.75 million in total compensation last year, down from the USD 10.28 million he received in 2015, according to a Securities and Exchange (SEC) filing released on Friday.